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A new decree introducing regulations on purchases of vessels is about to issued by the Government. To date, the Ministry of Transport and Communications has completed the draft decree together with regulations and has sent it to related ministries and branches for final consideration before submission to the Government.
A need of a unified regulation
According to maritime experts, despite being acknowledged to have particular characteristics, projects for investment in ships and specialised maritime equipment have so far been obliged to observe the assessment process necessary for the grant of bidding and investment licences stipulated in decrees 42/CP and 43/CP, the same as those for investment in capital construction or assembly of machinery and commercial production lines. This has caused difficulties for purchases of sea-going ships. Unsatisfactorily following these regulations, businesses of its kind must seek capital and loan resources by themselves without receiving any assistance from the State to build new ships, overseas borrow-purchase and hire- purchase sea-going ships and specialised equipment. In addition, these regulations also show many differences from existing international rules.
In reality, in spite of better re-structuring, administrative formalities applying for investment licences for sea-going ship and maritime specialised equipment remain complicated and time-consuming as they must be submitted to the ministries of Planning and Investment, and Transport and Communications for approval. This hinders the operations of the Vietnam National Shipping...